India Indexes Extend Losses; Grasim, Crompton Greaves, and EID Parry In Focus After Results

Arun Goswami
18 Nov, 2024
Mumbai

Stocks opened lower in Mumbai trading amid weak market sentiment for the third week in a row. 

The Sensex index decreased 0.4% to 77,263.74, and the Nifty index dropped 0.45% to 23,439.05. 

Foreign investors continue to sell large- and mid-cap stocks after weak earnings and persistent inflation dented market sentiment. 

Moreover, foreign investors are repatriating funds to the U.S. to take advantage of rising bond yields and hope that the next U.S. administration will enact pro-business policies. 

Foreign investors are also hoping that China's leaders will follow through on the promised broad fiscal reforms to support consumer sentiment and the flailing property market. 

Closer to home, consumer price inflation jumped to a 14-month high in October, supporting the case for the central bank to keep interest rates unrevised at its next policy meeting. 

Meanwhile, investors are looking forward to the Maharashtra State election on December 20, which could deliver a win to an alliance headed by the BJP, strengthening the party's standing in the center. 

E.I.D. Parry decreased 2.4% to ₹762.45 after the sugar company reported mixed quarterly results. 

Revenue in the September quarter increased to ₹9,399.3 crore from ₹9,210.3 crore, but after-tax income decreased to ₹591.7 crore from ₹781.9 crore a year ago, respectively. 

For the six-month period ending in September, consolidated revenue edged lower to ₹16,206.71 crore from ₹16,225.8 crore, and net income fell to ₹817.5 crore from ₹1,106.7 crore a year ago. 

Easy Trip Planners increased 1.1% to ₹30.38 after the Delhi-based online travel agency reported a decline in after-tax profit in the September quarter. 

Consolidated revenue increased 2.1% to ₹144.7 crore from ₹141.7 crore, but net profit declined 45.2% to ₹26 crore from ₹47.1 crore a year ago, respectively. 

Hotel night bookings soared 75.3% 2.2 lakh or 1.3 lakh and train and bus bookings rose 3.3% to 2.8 lakh from a year ago, respectively. 

Gross booking revenue across the platform increased to ₹2,075.6 crore from ₹2,025 crore, and hotels and packages jumped 178% to ₹241.4 crore a year ago, respectively. 

The company's booking services generally receive very low ratings from online customers, with several allegations of poor customer support and misleading prices. 

Hindustan Zinc increased 0.4% to ₹496.90, and the company won gold mining rights through an auction in Rajasthan.

Crompton Greaves Consumer Electricals increased 3.9% to ₹384.50 after the company reported September quarter results. 

Revenue increased 6.4% to 1,896 crore from 1,782.3 crore, and net income jumped 28.6% to 125 crore from 97.2 crore a year ago, respectively.

Delhivery decreased 1.0% to ₹327.30, and the logistics company swung to profit in the September quarter. 

Revenue increased 12.8% to ₹2,189.7 crore, and net income swung to a profit of ₹10.2 crore from a loss of ₹102.9 crore a year ago, respectively. 

Grasim Industries declined 1% to ₹2,499.75 after the cement company reported a sharp fall in profit in the September quarter. 

Revenue increased 11% to ₹33,562 crore from ₹30,221 crore, and net income plunged 66% to ₹390 crore from ₹1,164 crore a year ago, respectively.